Salicylic Acid Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global salicylic acid market is projected to register a CAGR of 4.8% during the period, 2022-2027.

An increase in the prevalence of chronic acne vulgaris in adults and teenagers, owing to sedentary lifestyles and increased consumption of fast food items, may accelerate the salicylic acid demand. Salicylic acid has also been shown to have anti-inflammatory and antimicrobial properties. When used in combination with benzoic acid in the ointment, it has fungicidal properties.

However, with the impact of COVID-19 the market has affected the demand due to closure at retail end and with the restricted working timing and transportation restrictions, raw material procurement has become another challenge impacting the manufacturing capacities of salycilic acid in the market. The lockdown measures led to the closure of manufacturing facilities and led to the disruptions in the supply chain impacting the supply and disribution of application sindustries.

Furthermore, salicylic acid’s extensive application in the pharmaceutical industry to manufacture various medicines, such as acetylsalicylic acid, phenyl salicylate, sodium salicylate, methyl salicylate, and methyl salicylate may foster market growth.

Key Market Trends

Growing Demand for Salicylic Acid in Acne-Fighting Cosmetics

The use of salicylic acid, a multifunctional ingredient that addresses many of the systemic causes of blemishes, is on the rise in the prevention of acne and related cosmetics. Salicylic acid’s usage is on the rise, with the researchers pointing out its development as an alternative to glycolic acid, marking it as a key growth factor.​ Cosmetics with acne-fighting properties are currently witnessing a boost because of the rise in adult consumers suffering from acne. The Journal of American Academy of Dermatology notes that 54% of women over 25 have at least some facial acnes. As a result, beauty brands are incorporating acne-fighting properties into color cosmetic ranges, and acne-fighting foundations are offered by brands, like Clinque, Almay, Neutrogena, and Lancome.​ Salicylic acid has been found to exfoliate, degrease the skin, reduce inflammation, and improve the appearance of pores, and it is increasingly being used as a staple ingredient in acne-related skincare products. This variety of applications is seeing further expansion, despite the belief that sufferers of recurring acne should avoid salicylic acid peels due to the chemical reacting badly with the skin.

South America Holds the Significant Market Share

The salicylic acid market is largely dominated by countries, like United States, Canada which owes to be the largest region in base year, 2021. South America remains the fastest-growing market for salicylic acid, owing to strong demand surge from developed countries, such as Brazil in the region. The manufacturers are eyeing on this potential region and investing heavily to bring the latest innovations and increase production capacity to cater to the increasing demand in the region. Owing to the robust production and largest export of salicylic acid in the country, South America poses high power in regulating the global ingredient price. Moreover, the rising fashion industries in countries like Brazil, Argentina might lead to the increase in demand for the skin care products, which might fuel the demand for salicylic acid and acts as the major factor driving the market in the forecast period.

Competitive Landscape

The salicylic acid market is highly competitive with various regional players, such as Zhenjiang Gaopeng Pharmaceutical Co. Ltd, Hebei Jingye Group, Shandong Xinhua Longxin Chemical Co. Ltd, Thermo Fisher Scientific, and Merck & Co Inc. The presence of domestic players is huge, where most of the players are operating their businesses on smaller scales. Also, the key manufacturers in the global salicylic acid are implementing the global market development strategy and adopting the international advanced standards in quality management and certifications, such as GMP, ISO9001, ISO14001, ISO 10012, and ISO22000. Domestic manufacturers are increasingly focusing on establishing strategic partnerships with numerous multinational corporations to make their products available across the world.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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